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Tag Archives: credit reporting

CFPB Releases Special Edition of its Supervisory Highlights Focusing on Consumer Reporting

Posted in CFPB Supervision

The CFPB recently released a “Special Edition” of its Supervisory Highlights that focuses exclusively on data accuracy issues in consumer credit reporting and the handling and resolution of consumer disputes. The report describes the observations of CFPB examiners during examinations of both consumer reporting agencies and the creditors and other companies that furnish information to… More >

CFPB February 2017 complaint report highlights credit reporting complaints, complaints from Louisiana consumers

Posted in Credit Reports

The CFPB has issued its February 2017 complaint report that highlights credit reporting complaints.  The report also highlights complaints from consumers in Louisiana and the New Orleans metro areas. General findings include the following: As of February 1, 2017, the CFPB handled approximately 1,110,100 complaints nationally, including approximately 29,700 complaints in January 2017. Debt collection… More >

CFPB to Compile List of Companies Providing Free Credit Scores

Posted in Credit Reports, Financial Literacy

On October 5th, the CFPB published a notice announcing the CFPB Office of Financial Education’s intent to compile a list of companies offering existing customers free access to their credit score.  The CFPB’s stated intent in compiling this list is to educate consumers and help them make better informed financial decisions.  Comments must be submitted… More >

CFPB May 2016 complaint report highlights credit reporting complaints, complaints from New Mexico consumers

Posted in Credit Reports

The CFPB has issued its May 2016 complaint report which highlights complaints about credit reporting  and complaints from consumers in New Mexico and the Albuquerque metro area.  The CFPB began taking complaints about credit reporting in October 2012.  Credit reporting complaints were also the subject of the CFPB’s August 2015 monthly report. General findings include the… More >

Dept. of Education announces student loan credit reporting and servicing initiatives

Posted in Student Loans

Last week, the CFPB announced that it had issued a Request for Information seeking comment on a set of prototype disclosures (the “Payback Playbook”) to assist federal student loan borrowers in selecting between alternative repayment plans.  The CFPB’s announcement was accompanied by an announcement by the Department of Education of two new student loan-related initiatives,… More >

CFPB issues Winter 2016 supervisory report

Posted in CFPB Exams

In its Winter 2016 Supervisory Highlights, which covers supervision work generally completed between September and December 2015, the CFPB highlights violations found by CFPB examiners involving consumer reporting, debt collection, mortgage origination, remittances, and student loan servicing. The report states that recent non-public supervisory actions have resulted in restitution of approximately $14.3 million to more… More >

CFPB announces consent order with employment background screening report providers

Posted in CFPB Enforcement, Credit Reports

The CFPB recently announced that it has entered into a consent order with two affiliated companies that generate and provide employment background screening reports.  The consent order settles charges that the companies, which the CFPB’s press release describes as “two of the largest background screening report providers in the United States,” violated FCRA requirements for… More >

CFPB issues second monthly complaint report

Posted in CFPB General, Credit Reports

The CFPB has issued its August 2015 complaint report, the second in its new series of monthly complaint reports.  When it announced the launch of the new reports last month, the CFPB stated that each report would spotlight a particular product and geographic location.  The August 2015 spotlights credit reporting complaints and complaints from consumers… More >

FOIA Lawsuit Filed Challenging CFPB Research Methodology

Posted in Credit Reports, Research

The law firm Covington & Burling LLP has filed a Freedom of Information Act (FOIA) lawsuit against the CFPB in Washington, D.C. federal district court seeking  information relating to the CFPB’s report on, “Consumer Voices on Credit Reports and Scores.”  Covington argues that the information requested, “is necessary for the public to verify the quality… More >

CFPB Issues Study on Credit Reports; Next Steps are Unknown

Posted in Credit Reports, Fair Lending, Research

The CFPB recently released a report that documents the results of a research project undertaken by the CFPB’s Office of Research to better understand the demographic characteristics of consumers without traditional credit reports or credit scores.  The Report concludes that the current credit reporting system is precluding certain populations from accessing credit and taking advantage… More >

CFPB Community Bank Advisory Council to meet April 22

Posted in Credit Reports

The CFPB’s Community Bank Advisory Council is scheduled to meet in Washington, D.C. on April 22, 2015.  According to the meeting agenda, following a welcome by Director Cordray, there will be a discussion of credit scores and credit reporting, and its implications for small financial institutions.  That discussion will be led by Corey Stone, the CFPB’s… More >

CFPB requires credit bureaus to identify furnishers and industries with highest dispute rates and issues study of collections tradelines

Posted in Credit Reports, Debt Collection

In conjunction with its field hearing today on medical debt collection, the CFPB released a study that “describes characteristics of the medical and non-medical collections tradelines on consumers’ credit reports and the processes by which they appear and disappear.”  However, what deserves to be the headline grabber is the CFPB’s accompanying announcement that “the major… More >

CFPB Continues Focus on Latino Community

Posted in CFPB General, Credit Reports, Debt Collection, Diversity and Inclusion, FTC, Uncategorized

The CFPB and the FTC have announced that the agencies will host a joint roundtable entitled, “Debt Collection and the Latino Community,” on October 23, 2014. The roundtable will examine how debt collection and credit reporting issues affect Latino consumers, especially those who have limited English proficiency (LEP). Consumer advocates, industry representatives, state and federal… More >

House to hold Sept. 10 hearing on credit reporting

Posted in Credit Reports

On Wednesday, September 10, the House Financial Services Committee will hold a hearing entitled “An Overview of the Credit Reporting System.” The scheduled witnesses are: Stuart Pratt, President and Chief Executive Officer, Consumer Data Industry Association J. Howard Beales, Professor of Strategic Management and Public Policy, George Washington University John A. Ikard, President and Chief… More >

Furnishers Beware – CFPB Signals That Civil Penalties May Be Appropriate Even Without Any Actual Consumer Injury

Posted in Auto Finance, CFPB Enforcement, CFPB General, Vehicle Loans

Yesterday, the CFPB announced a consent order with First Investors Financial Services Group, Inc., an auto finance company that both makes loans to consumers and purchases retail installment sale contracts from auto dealers. Under the terms of the consent order, First Investors agreed to pay a $2.75 million civil penalty relating to allegations that it… More >

Credit reporting remains a CFPB top priority

Posted in Credit Reports, Richard Cordray

Credit reporting was the first industry targeted by the CFPB using its “larger participant” supervisory authority. As demonstrated by the CFPB’s actions last week, credit reporting continues to be a high CFPB priority and is likely to remain as such for the foreseeable future. On February 27, CFPB Director Richard Cordray delivered remarks before a… More >

CFPB takes an active role at the Consumer Federation of America conference

Posted in CFPB General

The CFPB showed its strong support for the Consumer Federation of America (CFA) during the first day of the CFA’s 2013 Financial Services Conference entitled, “The Consumer in the Financial Services Revolution.” CFPB Director Richard Cordray delivered a keynote address during which he stated that, “The Consumer Federation of America has been one of our… More >

CFPB expands complaint database

Posted in CFPB General

On Friday, the CFPB announced that it had expanded its public Consumer Complaint Database to include complaints about credit reporting and money transfers. Simultaneously, the CFPB announced that complaints in its public database are searchable by state. The CFPB uses complaints its receives to prioritize and prepare for investigations and examinations. The public database now… More >

Highlights of the CFPB’s “larger participants” proposal

Posted in CFPB Rulemaking

After suggesting six possible markets for consumer financial products and services in which it might supervise “larger participants,” the CFPB has decided that, at least for the time being, it will only supervise “larger participants” in two of those markets, namely debt collection and consumer credit reporting.  In issuing its proposed “larger participants” rule, the… More >

Credit card complaints

Posted in CFPB General, Credit Cards

In an earlier legal alert and blog post, we questioned the wisdom of some of the questions posed by the CFPB on the credit card complaint portal on the CFPB’s website. One of those questions asked the cardholder if he or she thinks that he or she was the victim of discrimination. I complained about… More >

CFPB testifies on small business credit

Posted in CFPB General

With everything else on its plate, it wouldn’t seem unreasonable to expect the CFPB to take a “hands off” approach to small business credit. However, that’s not what the CFPB intends to do, according to testimony given last week to the House Small Business Committee by Dan Sokolov, the CFPB’s Deputy Associate Director for its… More >